· Metals: Copper -1.3% to $4.29lb, iron ore -4.3% to...

· Metals: Copper -1.3% to $4.29lb, iron ore -4.3% to US$163.45/t

· Energy: Brent crude -2.1% to US$69.2/bbl, WTI -2.6% to US$66.5/bbl, Thermal coal +4.3% to $162.7/t

· Keyovernight stock moves: BHP LND +0.4%, Rio Tinto LND +0.9%, S32 (LDN) -0.9%, Anglo +0.8%, Glencore 0.0%, Vale -0.5%, Shell -0.8%, BP -0.7%, Exxon -1.1%, Chevron -1.7%, ConocoPhillips -1.9%

· GlobalIndices: S&P 500 -0.09%, DOW -0.30% & FTSE +0.13%

Andrew Forrest’s $250 million LNG import terminal atPort Kembla is four months into major constructionand set to be ready to import gas in early 2023, potentially helping avoid arepeat of the extreme spikes in wholesale gas prices that struck Victoria andNSW this winter. The absence of signed contracts with customers that will use the terminal and of a formal final investment decision has left doubt in the market as to whether the project is going ahead. (AFR)

Iron ore tumbled on signs that China’s efforts to reinin its sprawling steel sector are starting to take effect, curbing demand forthe raw material. The China Iron and Steel Association said daily output from major steel firms fell 3% in late July, with Mysteel reporting that would be the first year-on-year decline this year. Futures in both Dalian and Singapore dropped more than 5% on Monday and are back to levels seen before authorities began to target booming commodity prices. China is seeking to curb production below last year’s record and company executives have reiterated pledges to deliver lower output after first-half production jumped 12%.

China is also trying to keep more steel at home. The latest trade data showed that exports declined in July, while iron ore imports fell to the lowest in more than a year. (Bloomberg)